“Our 73% annual return, as highlighted on Bloomberg, is a testomony to how properly this method works, and we’re excited to construct on this success.”
— Julia Khandoshko, CEO at European dealer Thoughts Cash
Invited to talk on the largest trade occasion, SuperInvestor convention, Julia Khandoshko, CEO of Thoughts Cash, joins high consultants like these from Goldman Sachs and JPMorgan Chase & Co to discover the most recent developments and methods for assembly the wants of ultra-high-net-worth (UHNW) shoppers. This yr, her panel focuses on the rising significance of belief administration in personal wealth, a mannequin she believes is turning into a key differentiator in an more and more aggressive trade.
Thoughts Cash has constantly raised the bar with methods that mix know-how and a personalised method, reaching among the highest returns out there. Since launching these methods in 2019, the agency has maintained worthwhile years with no losses, reaching a powerful common annual return of 27%, even earlier than this standout yr. Bloomberg (Bloomberg Terminal beneath FIGI BBG007NNY8M9) just lately highlighted their exceptional 73% annual return for the present yr, which sparked curiosity throughout the skilled neighborhood wanting to study the secrets and techniques behind Thoughts Cash’s success. [Editor’s note: All data is accessible on Bloomberg]
On this unique interview, Julia Khandoshko provides a more in-depth have a look at the agency’s progressive local weather mannequin, the insights from SuperInvestor, and the structural benefits of belief administration.
Julia, thanks for becoming a member of us. SuperInvestor is among the trade’s largest occasions, which brings collectively main gamers to discover key points. What developments are you seeing in personal wealth administration, particularly in belief administration, that make it stand out?
Julia Khandoshko: Thanks, it’s a pleasure to be right here.
At this yr’s SuperInvestor, there’s been a whole lot of concentrate on belief administration as a versatile, personalised various to conventional funds for ultra-high-net-worth shoppers. We’re seeing a transparent shift towards personalized administration options. With belief administration, we will now tailor agreements particularly for every shopper, overlaying all the pieces from success and administration charges to outlined danger ranges.
Purchasers are more and more selective—they need extra than simply a normal funding technique. They’re searching for full-service administration with adaptable phrases and suppleness in managing exits. This personalised method is rapidly turning into a powerful various to standard funds, particularly for shoppers with distinctive and complicated wants.
Belief appears to be on the heart of your method to non-public wealth administration. Why is constructing these relationships so integral to Thoughts Cash?
Julia: Belief is key in our enterprise—it’s what makes long-term, mutually useful relationships attainable. From the beginning, we construct open, clear partnerships, particularly with high brokerage corporations. These collaborations improve the standard and readability of our companies, boosting shopper confidence.
In as we speak’s market, the place high-net-worth shoppers more and more need personalised options, belief administration offers us the pliability to fulfill every shopper’s distinctive wants. In contrast to the rigidity of conventional fund constructions, belief administration lets us create customized phrases, offering shoppers with each peace of thoughts and a way of safety.
This personalised method aligns with our broader technique to fulfill rising demand for tailor-made portfolio administration. As we speak’s shoppers aren’t simply on the lookout for off-the-shelf methods; they need options that adapt to their targets. Via belief administration agreements, we provide flexibility in danger administration, exit choices, and extra—advantages that ship actual worth to our shoppers.
Thoughts Cash’s approaches are much more convincing when contemplating your monitor document this yr. Bloomberg just lately listed Thoughts Cash as one of many high performers with an impressive 73% annual return in 2024. Since launching these methods in 2019, you’ve had no loss-making years and achieved a mean annual return of 27%, not together with this distinctive yr. How did you obtain such outcomes?
Julia: Initially, our goal was round 30% annual return, which we method by specializing in constantly outperforming trade benchmarks. Reaching 73% was a significant milestone, and it speaks to the energy of our methods, notably our non-directional method. In contrast to methods that rely on predicting particular outcomes, our mannequin advantages from market volatility, so we will capitalize on fluctuations somewhat than making an attempt to foretell particular market actions.
In 2024, volatility labored in our favor, and we foresee continued features as this surroundings persists.
One distinctive side of our method is our local weather mannequin, which we’re very happy with. We collaborated with scientists from main establishments like Oxford, Cambridge, and the London College of Economics to combine local weather issues into our buying and selling methods. So, it was developed not by merchants however by scientists targeted on environmental research. By mixing their educational rigor with our monetary experience, we’ve created fashions which can be distinctive and extra complete than these based mostly solely on monetary information.
This local weather mannequin permits us to guage dangers and alternatives from an ecological perspective, making our portfolio each extra resilient and extra aligned with sustainable targets. It’s positively a part of what permits us to ship such ends in Bloomberg’s evaluation.
Oh, wow, attracting scientists to work with you is spectacular. Talking extra about your approaches… Your emphasis on commodities has additionally drawn a whole lot of consideration. May you clarify why this space is so necessary to Thoughts Cash?
Julia: Commodities supply two crucial benefits for us: antifragility and diversification. Antifragility implies that somewhat than merely resisting market shocks, we truly turn out to be stronger from them. Commodities are a strong asset class for this as a result of they’re usually much less correlated with different investments. This enables us to reply properly to sudden adjustments out there.
Via diversification, we reduce the chance of simultaneous losses throughout a number of property. I’d say that the mixed impression of antifragility and diversification makes our methods particularly sturdy. It helps us not solely face up to however thrive via risky circumstances. It’s these qualities that make commodities a core element of our portfolio.
At SuperInvestor, this matter sparked a whole lot of curiosity throughout my panel dialogue “Non-public wealth: the subsequent frontier for personal markets?” and we had the chance to debate this in additional depth with fellow consultants, Marcus Storr, Head of Various Investments at FERI, and Alessandra Puglisi, Funding Director Non-public Markets at UBS AG.
There’s a whole lot of speak about AI in asset administration. How is Thoughts Cash incorporating AI into your operations?
Julia: AI is, after all, remodeling asset administration, however we’re cautious to combine it thoughtfully. For us, AI shouldn’t be about changing human experience however enhancing it. We’ve developed proprietary algorithms that enable us to research huge datasets extra successfully, serving to us spot developments that may be missed in any other case. However we’re additionally conscious of balancing technological innovation with the data our group has accrued over a long time.
The correct steadiness is essential. AI permits us to course of information on a wholly completely different scale, however our group’s deep understanding of markets ensures that we interpret these insights successfully. This twin method permits us to adapt to adjustments out there with out dropping sight of our core ideas.
You simply talked about your group, which you typically describe as one among Thoughts Cash’s greatest strengths. Are you able to inform me extra about it?
Julia: Our group’s energy actually lies in its variety—not solely in our buying and selling methods however within the backgrounds of our individuals. They’ve an ideal combine of experience, about 57% of our analysts have PhDs and long-term work expertise. We herald consultants who won’t have monetary market expertise however excel of their respective fields. Take our local weather mannequin, which I discussed earlier, for example. It was developed not solely by funding specialists and merchants but additionally by a whole group of local weather scientists from high establishments.
We work intently with scientists and researchers to raise our methods as specialists from exterior conventional finance convey contemporary, progressive views.
Julia, you’ve shared so many precious insights on Thoughts Cash’s distinctive methods, out of your progressive method to team-building to your collaboration with scientists and concentrate on commodities. As we wrap up, might you inform us what’s subsequent for Thoughts Cash as you proceed to broaden on this fast-evolving subject?
Julia: We’re continuously exploring new methods so as to add worth for our shoppers, whether or not via technological upgrades or regulatory alignment that enhances belief administration. We’re additionally increasing into new jurisdictions to broaden our attain and entry new shopper bases. Proper now, for instance, we’re contemplating proposals from companions for joint work in Luxembourg and London. Our focus stays on refining our local weather mannequin and strengthening our belief administration companies, offering shoppers with not solely dependable returns but additionally funding constructions which can be designed to be as distinctive and dynamic as they’re.
Wanting forward, we’ll proceed to prioritize our diversification technique, guaranteeing that our portfolio stays sturdy within the face of financial and geopolitical adjustments. Our 73% annual return, as highlighted on Bloomberg, is a testomony to how properly this method works, and we’re excited to construct on this success.
“Our 73% annual return, as highlighted on Bloomberg, is a testomony to how properly this method works, and we’re excited to construct on this success.”
— Julia Khandoshko, CEO at European dealer Thoughts Cash
Invited to talk on the largest trade occasion, SuperInvestor convention, Julia Khandoshko, CEO of Thoughts Cash, joins high consultants like these from Goldman Sachs and JPMorgan Chase & Co to discover the most recent developments and methods for assembly the wants of ultra-high-net-worth (UHNW) shoppers. This yr, her panel focuses on the rising significance of belief administration in personal wealth, a mannequin she believes is turning into a key differentiator in an more and more aggressive trade.
Thoughts Cash has constantly raised the bar with methods that mix know-how and a personalised method, reaching among the highest returns out there. Since launching these methods in 2019, the agency has maintained worthwhile years with no losses, reaching a powerful common annual return of 27%, even earlier than this standout yr. Bloomberg (Bloomberg Terminal beneath FIGI BBG007NNY8M9) just lately highlighted their exceptional 73% annual return for the present yr, which sparked curiosity throughout the skilled neighborhood wanting to study the secrets and techniques behind Thoughts Cash’s success. [Editor’s note: All data is accessible on Bloomberg]
On this unique interview, Julia Khandoshko provides a more in-depth have a look at the agency’s progressive local weather mannequin, the insights from SuperInvestor, and the structural benefits of belief administration.
Julia, thanks for becoming a member of us. SuperInvestor is among the trade’s largest occasions, which brings collectively main gamers to discover key points. What developments are you seeing in personal wealth administration, particularly in belief administration, that make it stand out?
Julia Khandoshko: Thanks, it’s a pleasure to be right here.
At this yr’s SuperInvestor, there’s been a whole lot of concentrate on belief administration as a versatile, personalised various to conventional funds for ultra-high-net-worth shoppers. We’re seeing a transparent shift towards personalized administration options. With belief administration, we will now tailor agreements particularly for every shopper, overlaying all the pieces from success and administration charges to outlined danger ranges.
Purchasers are more and more selective—they need extra than simply a normal funding technique. They’re searching for full-service administration with adaptable phrases and suppleness in managing exits. This personalised method is rapidly turning into a powerful various to standard funds, particularly for shoppers with distinctive and complicated wants.
Belief appears to be on the heart of your method to non-public wealth administration. Why is constructing these relationships so integral to Thoughts Cash?
Julia: Belief is key in our enterprise—it’s what makes long-term, mutually useful relationships attainable. From the beginning, we construct open, clear partnerships, particularly with high brokerage corporations. These collaborations improve the standard and readability of our companies, boosting shopper confidence.
In as we speak’s market, the place high-net-worth shoppers more and more need personalised options, belief administration offers us the pliability to fulfill every shopper’s distinctive wants. In contrast to the rigidity of conventional fund constructions, belief administration lets us create customized phrases, offering shoppers with each peace of thoughts and a way of safety.
This personalised method aligns with our broader technique to fulfill rising demand for tailor-made portfolio administration. As we speak’s shoppers aren’t simply on the lookout for off-the-shelf methods; they need options that adapt to their targets. Via belief administration agreements, we provide flexibility in danger administration, exit choices, and extra—advantages that ship actual worth to our shoppers.
Thoughts Cash’s approaches are much more convincing when contemplating your monitor document this yr. Bloomberg just lately listed Thoughts Cash as one of many high performers with an impressive 73% annual return in 2024. Since launching these methods in 2019, you’ve had no loss-making years and achieved a mean annual return of 27%, not together with this distinctive yr. How did you obtain such outcomes?
Julia: Initially, our goal was round 30% annual return, which we method by specializing in constantly outperforming trade benchmarks. Reaching 73% was a significant milestone, and it speaks to the energy of our methods, notably our non-directional method. In contrast to methods that rely on predicting particular outcomes, our mannequin advantages from market volatility, so we will capitalize on fluctuations somewhat than making an attempt to foretell particular market actions.
In 2024, volatility labored in our favor, and we foresee continued features as this surroundings persists.
One distinctive side of our method is our local weather mannequin, which we’re very happy with. We collaborated with scientists from main establishments like Oxford, Cambridge, and the London College of Economics to combine local weather issues into our buying and selling methods. So, it was developed not by merchants however by scientists targeted on environmental research. By mixing their educational rigor with our monetary experience, we’ve created fashions which can be distinctive and extra complete than these based mostly solely on monetary information.
This local weather mannequin permits us to guage dangers and alternatives from an ecological perspective, making our portfolio each extra resilient and extra aligned with sustainable targets. It’s positively a part of what permits us to ship such ends in Bloomberg’s evaluation.
Oh, wow, attracting scientists to work with you is spectacular. Talking extra about your approaches… Your emphasis on commodities has additionally drawn a whole lot of consideration. May you clarify why this space is so necessary to Thoughts Cash?
Julia: Commodities supply two crucial benefits for us: antifragility and diversification. Antifragility implies that somewhat than merely resisting market shocks, we truly turn out to be stronger from them. Commodities are a strong asset class for this as a result of they’re usually much less correlated with different investments. This enables us to reply properly to sudden adjustments out there.
Via diversification, we reduce the chance of simultaneous losses throughout a number of property. I’d say that the mixed impression of antifragility and diversification makes our methods particularly sturdy. It helps us not solely face up to however thrive via risky circumstances. It’s these qualities that make commodities a core element of our portfolio.
At SuperInvestor, this matter sparked a whole lot of curiosity throughout my panel dialogue “Non-public wealth: the subsequent frontier for personal markets?” and we had the chance to debate this in additional depth with fellow consultants, Marcus Storr, Head of Various Investments at FERI, and Alessandra Puglisi, Funding Director Non-public Markets at UBS AG.
There’s a whole lot of speak about AI in asset administration. How is Thoughts Cash incorporating AI into your operations?
Julia: AI is, after all, remodeling asset administration, however we’re cautious to combine it thoughtfully. For us, AI shouldn’t be about changing human experience however enhancing it. We’ve developed proprietary algorithms that enable us to research huge datasets extra successfully, serving to us spot developments that may be missed in any other case. However we’re additionally conscious of balancing technological innovation with the data our group has accrued over a long time.
The correct steadiness is essential. AI permits us to course of information on a wholly completely different scale, however our group’s deep understanding of markets ensures that we interpret these insights successfully. This twin method permits us to adapt to adjustments out there with out dropping sight of our core ideas.
You simply talked about your group, which you typically describe as one among Thoughts Cash’s greatest strengths. Are you able to inform me extra about it?
Julia: Our group’s energy actually lies in its variety—not solely in our buying and selling methods however within the backgrounds of our individuals. They’ve an ideal combine of experience, about 57% of our analysts have PhDs and long-term work expertise. We herald consultants who won’t have monetary market expertise however excel of their respective fields. Take our local weather mannequin, which I discussed earlier, for example. It was developed not solely by funding specialists and merchants but additionally by a whole group of local weather scientists from high establishments.
We work intently with scientists and researchers to raise our methods as specialists from exterior conventional finance convey contemporary, progressive views.
Julia, you’ve shared so many precious insights on Thoughts Cash’s distinctive methods, out of your progressive method to team-building to your collaboration with scientists and concentrate on commodities. As we wrap up, might you inform us what’s subsequent for Thoughts Cash as you proceed to broaden on this fast-evolving subject?
Julia: We’re continuously exploring new methods so as to add worth for our shoppers, whether or not via technological upgrades or regulatory alignment that enhances belief administration. We’re additionally increasing into new jurisdictions to broaden our attain and entry new shopper bases. Proper now, for instance, we’re contemplating proposals from companions for joint work in Luxembourg and London. Our focus stays on refining our local weather mannequin and strengthening our belief administration companies, offering shoppers with not solely dependable returns but additionally funding constructions which can be designed to be as distinctive and dynamic as they’re.
Wanting forward, we’ll proceed to prioritize our diversification technique, guaranteeing that our portfolio stays sturdy within the face of financial and geopolitical adjustments. Our 73% annual return, as highlighted on Bloomberg, is a testomony to how properly this method works, and we’re excited to construct on this success.
